Mortgage Strategy
13 June 2005

  • 91% Say no to ratifying European Union treaty

    13 Jun 2005

    An overwhelming 91% of the industry believes the UK should not ratify the European Union treaty in the wake of France and Holland both giving it the thumbs down.Of the 2,601 respondents who answered the question as to whether the UK should ratify the European Union treaty, only 9% said yes.This week's straw poll asks whether brokers should only recommend sub-prime products which do not have early redemption penalties.Pink and BM Solutions have recently teamed up to offer ...

  • A View From The floor

    13 Jun 2005

    Elizabeth Artner, community support manager at Chelsea, says if organisations took corporate social responsibility more seriously, they might reap benefits

  • Abbey and e.surv reveal innovative service contract

    15 Jun 2005

    Abbey has announced the appointment of chartered surveyors, e.surv, to supply support services for its residential property valuation requirements.

  • Advantage centralises all new mortgage enquiries

    13 Jun 2005

    Advantage Home Loans have centralised all new mortgage enquiries to its broker support team.

  • Advantage launch free valuation on their S500 range

    13 Jun 2005

    Advantage Home Loans has launched a free valuation offer on its S500 non-conforming range.

  • Advantage Secured Loans grow lending panel

    15 Jun 2005

    Non-Conforming specialist Advantage Secured Loans has appointed four more lenders to strengthen its existing lending panel.

  • AFPC examination completions rise

    17 Jun 2005

    The Chartered Insurance Institute says 285 candidates have completed the exam requirement to be awarded the Advanced Financial Planning Certificate.

  • All go for HIPs

    13 Jun 2005

    The Labour government has been re-elected so the impending regulations for Home Information Packs is scheduled for debate shortly as the government says it is still on track to introduce HIPs on January 1 2007.

  • Are sub-prime lenders too quick to repossess, as the joseph rowntree foundation suggests??

    13 Jun 2005

    Many of the facts used to support the JRF report's conclusions are out-of-date, say two experts in the sub-prime lending field

  • Bank of England dampens hopes of rate cuts

    14 Jun 2005

    Mervyn King, the governor of the Bank of England, has dampened hopes for interest rate cuts by saying the danger of a consumer slowdown must be weighed against inflation threats.

  • BM Solutions launches self-cert rates

    16 Jun 2005

    BM Solutions is launching a self-cert range that includes products that will appeal to remortgage customers by offering a free remortgage service and refunded valuation.

  • BoS pensions website launched

    13 Jun 2005

    Bank of Scotland Investment Service has launched www. a-dayadvice.co.uk to provide information on the pensions simplification legislation which comes into force on April 6 2006.

  • Bridgewater welcomes home reversions tax development

    14 Jun 2005

    Bridgewater Equity Release has applauded the government following its recent direct confirmation from the Inland Revenue.

  • Britannia aims to do more business through Platform

    13 Jun 2005

    An industry source tells Mortgage Strategy Britannia was reaching its limit on the amount of money it could borrow against its retail balances when it bought the Bristol & West businesses.Graham Leftwich, spokesman for Britannia, says: "One of the reasons for buying Bristol & West's branch networks was to create more funding via retail balances."We have gained 850,000 new customers and 4.5bn in savings balances, which we hope will lead to us being able to do more mortgage ...

  • Brokers say green deals don't provide good value

    13 Jun 2005

    The interviews - carried out as part of this week's cover story, starting on page 48 - highlight the sacrifices borrowers make for going green. Most green mortgages are nothing more than a marketing line, say advisers.John Stewart, director of PMI Independent Financial Advisers, says: "People are aware of ethical investment, but green mortgages? It seems too niche."Clients want to know what the best value products are. No doubt there will be a few people who think green deals ...

  • Brokers warned on SIPPs

    13 Jun 2005

    A-Day, April 6 2006, will see major changes to rules regarding SIPPs that will make it possible to invest pension funds in residential and non-commercial property in the UK and overseas, with the added benefit of certain tax relief.However, there could be problems if brokers do not realise they need to be regulated by the Financial Services Authority to advise on pensions and investments, not just mortgages.Rob Clifford, managing director at mortgageforce, says: "Advisers must ...

  • C&G launches lower priced range

    14 Jun 2005

    Cheltenham & Gloucester has launched a range of lower priced mortgage rates.

  • Calls for compulsory pensions

    13 Jun 2005

    Which? has published research revealing that 71% of people surveyed think it should be compulsory to contribute to a pension.

  • Cash machine fear for pensioners

    14 Jun 2005

    Britain's pensioners are deserting high street cash machines because of increased fears of muggings, a survey from The Yorkshire suggests.

  • CI founder says industry is obsessed with definitions

    13 Jun 2005

    He is also calling for a new product that will better gauge the severity of illness and disease.Speaking at a Scottish Widows round table in London last week, South African-born, internationally renowned heart surgeon Dr Marius Barnard told attendees the UK was the only country to be bogged down with definitions for protection cover.He says: "The problem with critical illness cover in the UK is this obsession with definitions. Let's not get stuck on definitions and move on to ...

  • CML wants government to allow all lenders access to Homebuy

    14 Jun 2005

    The Council of Mortgage Lenders is lobbying the government to allow all authorised lenders to participate in the government's Open Market Homebuy initiative.

  • Coulson vs Zurich court case put back until August

    14 Jun 2005

    The court case between Richard Coulson and former employers Zurich - due to be heard on Wednesday June 15 - has been postponed until August.

  • Cummings to raise AIFA profile

    13 Jun 2005

    Chris Cummings, director-general of the Association of Independent Financial Advisers, says the trade body has been hiding its light under a bushel.Cummings has made it one of his priorities to raise AIFA's profile in the way he has done at the Association of Mortgage Intermediaries, the sister trade body of which he was the founding director.Speaking from the Oriana liner at last week's PIMS conference, Cummings told Mortgage Strategy AIFA had not been marketing itself ...

  • Curriculum Vitae - Tom Gurrie

    13 Jun 2005

    "I have a passion for Manchester United and like to go walking"

  • Dashboard software offers membership concessions for those in AMI

    15 Jun 2005

    Dashboard, has added concessionary membership terms for existing and new Dashboard users when joining the Association of Mortgage Intermediaries.

  • Dear Delia

    13 Jun 2005

    Dear Delia My client has four buy-to-let properties and wishes to buy an additional property to add to her portfolio.

  • Debt consolidation still No.1 reason for loans

    14 Jun 2005

    Statistics from the PolarLoans Money Monitor show that debt consolidation is still the number one reason to take out a loan.

  • Defaqto sponsors The Institute of Financial Planning

    16 Jun 2005

    Financial research company, Defaqto, is sponsoring professional body the Institute of Financial Planning for a second year.

  • Deposit accounts for financial advisers and clients

    15 Jun 2005

    Clerical Medical has provided a service for financial advisors byusing the Bank of Scotland's guaranteed fixed deposit account and corporate bonus account,

  • Direct payments to ARs could be PI time-bomb

    13 Jun 2005

    Industry sources say the problem has reached epidemic proportions, with lenders unable or unwilling to provide information on who has used FSA numbers and where.Martin Cave, managing director of Homeloan Partnership, has been battling for weeks with lenders to provide information on where his network's FSA number has been used for an internal audit.The main issue is that when ARs realise they can be paid direct they might go off-panel and use lenders not covered under the network's ...

  • e.surv comments on latest RICS survey

    17 Jun 2005

    e.surv says the latest Royal Institute of Chartered Surveyors report has added to what is already a confused picture regarding the housing market.

  • em-financial recruit new staff

    17 Jun 2005

    em financial has recruited two new members of staff.Nicky Vaughan joins the Underwriting team and Nicola Hughes joins Underwriting Support in the Chester offices. Simon Mouncher, operations director at em- says: With a record number of cases coming through to the office the necessity to take on more underwriting staff was obvious. This is great news for em-, we are enjoying an extremely busy time at the moment and I am certain business levels will continue to increase.

  • Enrico Tedesco joins TMO

    15 Jun 2005

    TMO, the mortgage packager focusing primarily on sub-prime and second charge mortgages, has announced that Enrico Tedesco has joined the company as Regional Sales Manager.

  • Enterprise launches non-conforming mortgage funded by Kensington

    17 Jun 2005

    Enterprise Group has launched a three year capped rate mortgage funded by Kensington Mortgages.

  • Equity scheme for council tenants

    13 Jun 2005

    Council housing tenants with joint incomes below 15,000 in the north and 20,000 in the South-East could be eligible to buy a share of their homes under the government's new shared equity housing scheme.John Prescott, deputy prime minister, says: "Social HomeBuy will help tenants into partial home ownership. We want families on lower incomes to get a foothold on the housing ladder but not at the risk of taking on financial responsibilities they can't sustain."There will be strict ...

  • Financial Health Matters

    13 Jun 2005

    Mortgage advisers don't encounter the Consumer Credit Act much since Mortgage Day as it applies to loans of 25,000 and below and it's a while since even a studio flat cost 25,000.

  • FMO launch branded lending funded by Preferred

    17 Jun 2005

    First Mortgage Options has launched its first range of branded mortgage products funded by Preferred Mortgages.

  • FMO launches branded lending product range

    16 Jun 2005

    First Mortgage Options has launched its first range of branded mortgage products funded by Preferred Mortgages.

  • FSA calls on Blair to back up claim

    13 Jun 2005

    Financial Services Authority chairman Callum McCarthy has written to Prime Minister Tony Blair demanding that he back up his claims that the regulator is harming well-run businesses.In a speech made in May to the Institute of Public Policy Research, Blair claimed the FSA is inhibiting efficient businesses.He says: "Something is awry when the FSA, that was established to provide clear guidelines and rules for the financial services sector and to protect the consumer against the ...

  • FSA chairman to receive knighthood

    13 Jun 2005

    Callum McCarthy, chairman of the Financial Services Authority, is to be knighted for services to the finance sector.

  • FSA clamps down on phoenix firms

    13 Jun 2005

    The Financial Services Authority has told IFAs and brokers it will not tolerate firms attempting to sidestep their liabilities by moving assets between companies.Michael Lord, head of investments at the FSA, says: "Phoenix firms are not only failing to treat their customers fairly but are being unfair on fellow advisers who are left to foot the bill."Phoenix firms occur when the assets of one limited company are moved to another legal entity, sometimes at a price below their ...

  • Fsa honeymoon period should end now

    13 Jun 2005

    One of the most frequently used words in our industry over the past 18 months or so has been 'evolution', and little wonder, as June 1 brought yet another milestone in the form of depolarisation.Last week I suggested that some see Financial Services Authority regulation as a sledgehammer to crack a nut. But as far as I'm concerned, this evolution should involve less sabre rattling and more action from the FSA. And I don't mean this as a criticism as I believe the softly, softly ...

  • FSA introduces sector specific handbooks for small firms

    14 Jun 2005

    The Financial Services Authority has launched 14 sector specific tailored handbooks of its rules and guidance for small firms.

  • FSA response to open letter - Part III

    13 Jun 2005

    The FSA's stance that is is not compulsory for insurance quotes to be included on KFIs could undermine the principle of being 'clear, fair and not misleading', says Richard Griffiths

  • Future Mortgages sign up to ENC

    16 Jun 2005

    Future Mortgages has signed up to Trigold's ENC and will have all of its products listed and verified on the platform enabling advisers to make accurate and precise product comparisons.

  • Get trained to advise on equity release

    13 Jun 2005

    The FSA's criticism of the general standard of equity release advice should act as a wake-up call for brokers to get qualified or miss out on a lucrative opportunity, says Ben Stafford

  • Get your MPPI sales process in shape

    13 Jun 2005

    Advisers cannot afford to miss out on the potential of MPPI but as the product is coming under the FSA's spotlight they should review their sales practices in line with ICOB, says Neal Smith

  • Getting the position clear on valuation fees and client money

    13 Jun 2005

    From Mark Ehlinger I write regarding Richard Griffiths' article 'Limp FSA response on client money' (Mortgage Strategy May 30). Mortgage intermediaries who receive cash or cheques payable to the mortgage broker or packager firm from clients in relation to valuation fees, where they don't have FSA permission to hold client money, are not operating illegally. Admittedly, the position isn't clearly stated in the rules but it is that mortgage mediation activity does not fall under ...

  • GM ponders future of financial arm

    13 Jun 2005

    General Motors is reported to be examining options regarding its GMAC financial arm following the loss of 25,000 manufacturing jobs in the US.Rick Wagoner, chief executive of GM, is fighting off calls from shareholders to step down from the helm of the world's largest car maker.Wagoner admits that without major changes, there is a significant risk to the long-term viability of the business.He says the latest job losses come on top of thousands more in Europe and include ...

  • GMAC restructures residential mortgage business

    16 Jun 2005

    GMAC-RFC UK says the formation by GMAC of the Residential Capital Corporation, or ResCap, as a holding company sitting above its two residential mortgage businesses is a positive step.

  • Government welcomes reduction in homeless figures

    13 Jun 2005

    Labour housing minister Yvette Cooper has welcomed a 20% reduction in the number of people becoming homeless.

  • HBOS staff receive free shares

    13 Jun 2005

    HBOS has announced that its 60,000 UK employees are to be awarded approximately 54m worth of free shares in August, bringing the total award package this year to 276m.

  • HIPs opportunity for brokers to target customers

    13 Jun 2005

    Mortgage Talk has advised brokers to look on Home Information Packs as a means to further target consumers.

  • Holding steady in uncertain times

    13 Jun 2005

    A fixed rate brings certainty to repayments and as consumers are feeling cautious about the economy it is no surprise they are increasingly choosing this option, says Rachel Blackmore

  • Home movers add internet interest to kerb appeal

    17 Jun 2005

    Estate agents used to talk about 'kerb appeal' .

  • House prices continue to fall, says RICS

    14 Jun 2005

    The housing market is continuing its downturn, the Royal Institution of Chartered Surveyors monthly housing survey has revealed.

  • IFAP launches www.impartial.co.uk for mortgage IFAs

    13 Jun 2005

    Independent Financial Adviser Promotion has launched a website at www.impartial.co.uk to give consumers a guide to over 5,000 mortgage IFAs.

  • igroup appoints two new BDMs

    13 Jun 2005

    Igroup has made two new appointments to its first mortgage sales team.

  • Internet Insite

    13 Jun 2005

    Mortgage Strategy's weekly guide to what's hot and what's not on the web. Kevin Paterson, sales director at Park Row Associates, takes a look at lender websites, working his way from A to Z

  • Is interest-only clampdown a good idea?

    13 Jun 2005

    Other lenders are also tightening up their policies on borrowers who choose to pay only the interest on their loan and make no provision to pay the capital.

  • Landlords want to make peace, not war

    13 Jun 2005

    Research from the National Landlords Association shows that when things don't work out with a tenancy, landlords want to make peace, not war.The amicable approach is preferred by landlords to resorting to the legal rights conferred by the Assured Shorthold Tenancy Agreement typically used between landlord and tenant. More than half of landlords say they use the softly, softly approach to persuade an unwanted tenant to leave without recourse to the courts.David Salusbury, chairman ...

  • Leading man

    13 Jun 2005

    Scottish Widows Bank managing director Graeme Hartop leads a successful team that has established a strong business, says Mira Butterworth

  • Leeds & Holbeck award Mandy Haxby gold award

    17 Jun 2005

    Leeds & Holbeck has awarded Mandy Haxby the Excellence in Action gold award.

  • Lender's CCL application refused

    13 Jun 2005

    A money lender from Southampton trading as MAAN Finance has had his application for a consumer credit licence refused by the Office of Fair Trading . Harjit Singh Sahota had his application refused on the grounds he has convictions for possession and supply of cannabis. He failed to declare these in his application and was therefore found to have committed an offence under the Consumer Credit Act - giving false or misleading information to the OFT.

  • Lenders should be responsible for data

    13 Jun 2005

    If sourcing systems were fully integrated with lender systems, responsibility for the accuracy of data would shift from advisers back to where it belongs - with lenders, says Frank Eve

  • Lenders should stop biting the hand that feeds them

    13 Jun 2005

    From Helen Pierson Why do lenders continually bite the hand that feeds them? Alliance & Leicester is the latest culprit, offering a 250 cashback voucher to clients applying directly while denying this benefit to introduced business. I recently recommended A&L to a new client who not surprisingly took a few moments to look at A&L's website. She then presented me with a 250 cashback voucher she had printed off. I emailed A&L to see if it will accept the voucher but have been ...

  • Liquid assets

    13 Jun 2005

    Following last week's analysis of the varying possible costs for drawdown, this column takes a slightly closer look at the drawdown schemes available on the market.

  • Loan details made clearer

    13 Jun 2005

    Nationwide has introduced a summary box on all marketing material for personal loans.The summary box is intended to provide borrowers with a summary of the things they need to know about a Nationwide personal loan before they take it out.Though Nationwide has just one rate for its personal loans, it introduced the summary box following mystery shopper research covering major personal loan issuers.This research showed that many borrowers have no idea of the loan rate they ...

  • MAB to add advisers after agencies merge

    13 Jun 2005

    Mortgage Advice Bureau is to expand its number of financial advisers following a merger between estate agency chains Newton, Derry & Moore and Fallowell & Partners.The company, now Newton Fallowell, has 14 branches across six counties and MAB says the merger will lead to its network seeing increased mortgage business. MAB now has over 250 franchise outlets across the UK.Peter Brodnicki, chief executive officer of MAB, says: "MAB will work closely with the new branches to ensure ...

  • Mackay awaits Best Boss crown

    13 Jun 2005

    David Mackay, managing director of the West Bromwich Mortgage Company, a subsidiary of the building society, will find out later this month if he's to be named Britain's Best Boss 2005.Mackay has been shortlisted as one of 13 finalists in the Working Families/Lloyds TSB Best Boss competition. The winner will be announced at a lunch at the House of Lords on June 23.Mackay was nominated by his personal assistant, Angela Young. She says: "David finds time for all his staff. He ...

  • Management by remote control

    13 Jun 2005

    The writer highlights a change in the way many businesses are operating. Groups of knowledge workers or consultants are finding it economically viable to work in virtual or remote teams, based in different places but linked by online technology and telephones.

  • Market Watch

    13 Jun 2005

    Swaps increased slightly before dropping back to their previous levels, but by the end of the week longer term money had actually fallen.

  • MATS speeds up mortgage processing

    17 Jun 2005

    The Mortgage Application Tracking System , a web-based software package, has been piloted by Nationwide resulting in a dramatic reduction in both incoming and outbound phone calls, often by as much as two-thirds.

  • MCCB surplus should have gone to those who contributed

    13 Jun 2005

    From John Lukanik I agree with Kevin Thornton (Mortgage Strategy May 30) that the surplus money handed over by the MCCB should have been allocated to a fund for members that contributed towards the fees, rather than helping newcomers to the industry. Us brokers are having to jump through hoops under regulation and this is costing us additional revenue. Meanwhile, no discounts are being offered. All this stinks of 'jobs for the boys' and the decision makers should be made ...

  • MI says Elan members get best cover deals

    13 Jun 2005

    Working with Premier Partnerships, MI says it has negotiated access to top commission rates for life, critical illness and income protection products from five key providers for mortgage intermediaries signed up to its partnership panel.The partnership panel is available to all members of Elan, MI's club for directly authorised intermediaries.Sally Laker, managing director of MI, says: "This is currently the only selective panel in the marketplace that has five providers rather ...

  • Mixed industry reaction to latest base rate freeze

    13 Jun 2005

    Recent falls in high street store sales and manufacturing had prompted some in the industry to predict that the latest deliberations of the Monetary Policy Committee would result in a base rate rise.Reactions from the financial services industry have been mixed. SmartNewHomes.com has slammed the decision to freeze the rate as a blow to the economy.David Bexon, chief executive of SmartNewHomes.com, says: "Having held interest rates for the previous nine months, the Bank has achieved ...

  • Money Centre reveals online landlord survey

    17 Jun 2005

    The Money Centre has released the results from their latest online landlord survey.

  • Mortgage Advice Bureau puts core team in place

    13 Jun 2005

    Mortgage Advice Bureau has made a number of appointments to its management team. Gareth Herbert, previously of Mortgages Direct, has been promoted to the position of regional sales director for the south of England and will be supported by two appointments.

  • Mortgage Brain and LMS integrate software

    15 Jun 2005

    Mortgage Brain has teamed up with LMS, to offer its users access to LMSs nationwide network of conveyancing firms through seamless data transfer between systems. The initiative, sees Mortgage Brain becoming the first mortgage sourcing system to be integrated with the innovative LMS conveyancing system. Users of Mortgage Brains Mortgage Broker sourcing, compliance and point-of-sale support system will have the additional benefit of access to the LMS software and service ...

  • Mortgage Express reduces lifetime mortgage fixed rate

    16 Jun 2005

    Mortgage Express has reduced the fixed rate of its lifetime mortgage from 6.89% to 6.64%. The overall cost for comparison is 7.0% APR.Roger Hillier, product development manager for Mortgage Express, says the lenders' lifetime business is off to a good start this year, after strong growth of 221m during 2004. Hillier says: "The lifetime market has continued to grow steadily this year and we expect the market to grow by a further 30% to 1.5bn during 2005."

  • Mortgage Marketing Centre joins Exclusive Connections.

    15 Jun 2005

    Exclusive Connections has added The Mortgage Marketing Centre to its network.

  • Mortgage Next launches buy-to-let mortgage

    16 Jun 2005

    Mortgage Next, has launched an exclusive 5 year fixed rate buy-to-let mortgage for limited companies, funded by Mortgage Express.

  • Mortgage Next's packaging facility

    13 Jun 2005

    Mortgage Next, says its enhanced packaging facility is proving a big hit with brokers, with volumes for packaged business doubling over the past year.

  • Moving cost Brits a total of 10.6bn in 2004

    13 Jun 2005

    The Woolwich's annual Cost of Moving Survey reveals that excluding the cost of the house, a whopping 10.6bn was spent last year on people moving home.Almost half of this sum was spent on Stamp Duty, 3.2bn on estate agents and over 1bn went on legal fees.The cost of moving for an average-priced property in this country now stands at 5,551, an increase of 174 compared with last year.Andy Gray, head of mortgages at The Woolwich, says: "It is staggering to think that moving ...

  • MS launches campaign to open MTE to all

    13 Jun 2005

    Both Mortgage Brain and Trigold say they would like to make their respective platforms, MTE and ETC, available to the whole market. Currently only Trigold users can deal electronically through the ETC, but cannot access the MTE which is only open to Mortgage Brain and Mortgage 2000 users. And the Association of Mortgage Intermediaries agrees that the industry is missing out on the opportunities of electronic trading, a problem it says must be tackled. Kevin ...

  • MTE breaks through the 100,000 transaction mark

    16 Jun 2005

    The Mortgage Trading Exchange has revealed that transaction volumes have now exceeded 100,000. Thousands of introducers now use the Mortgage Trading Exchange on a daily basis to electronically submit mortgage applications and AIPs, direct to lenders accounting for over 60% of all mortgage transactions in the UK.

  • MTE transactions exceed 100,000 mark

    17 Jun 2005

    The Mortgage Trading Exchange, has announced that transaction volumes have exceeded 100,000.

  • NACFB strikes back on B2L

    13 Jun 2005

    Bolton is calling on buy-to-let lenders to unite and save the reputation of the sector by agreeing only to deal with Financial Services Authority regulated brokers. The HBOS subsidiary has called on all lenders to apply Mortgage Conduct of Business rules to buy-to-let, although it falls outside the remit of the FSA.But Keith Heron, chief executive officer at the NACFB, says this implies brokers who are not FSA regulated are responsible for sullying the reputation of buy-to-let.Heron ...

  • Natural niche

    13 Jun 2005

    Brokers are sceptical about the value of environmentally sensitive mortgages but they serve a small niche market of borrowers determined to do their bit for the planet, says Stephanie Spicer

  • Newcastle launch mortgage to protect against negative equity

    15 Jun 2005

    John Charcol and The Newcastle have launched a mortgage that offers borrowers protection against negative equity for 5 years in circumstances when they need it most.

  • Nicks Notes

    13 Jun 2005

    You'll recognise the names of Christiaan and Marius Barnard. We have a lot to thank these remarkable South African brothers for. Under Christiaan's leadership, together they performed the world's first human heart transplant and revolutionised the medical world in the process.

  • Northern Rock reminds brokers to provide evidence of repayment vehicles

    13 Jun 2005

    Northern Rock has sent a letter to brokers reminding them to include evidence of a repayment vehicle on applications for interest-only mortgages.Though figures from the Council of Mortgage Lenders show the popularity of interest-only mortgages is waning, borrowers opting for them are not always making the method of repayment clear at the time of application.The letter from Northern Rock says: "In some recent instances, the repayment vehicle section of the form has not been completed."Where ...

  • ODPM house price index below expectations

    13 Jun 2005

    The house price index compiled by the Office for the Deputy Prime Minister came in below expectations in the April survey released this morning.

  • Origo makes move on mortgage market

    15 Jun 2005

    Origo, the UKs financial services industry standards body, today announced plans to facilitate the implementation of e-commerce standards in the mortgage industry.

  • Oversees property buyers should be cautious

    16 Jun 2005

    Britons buying property abroad must pay careful attention to their financing, says Savills Private Finance

  • Paymentshield launches mortgage club plus extra products

    16 Jun 2005

    Following the launch of a mortgage club in April, Paymentshield has released a range of mortgage products for its members to use.

  • Paymentshield may axe Bankhall

    13 Jun 2005

    Paymentshield is rumoured to be planning to terminate its strategic alliance with Bankhall, say sources.Last year Paymentshield entered an agreement with Bankhall to transfer its life business from its insurance club, which it had decided was not core to its business, despite writing around 5,000 life insurance policies a month.But few members of its insurance club actually transferred over to Bankhall's Point One network. An industry source says the figure transferring was ...

  • Paymentshield releases range of mortgage products

    15 Jun 2005

    Following the launch of its mortgage club in April, Paymentshield has released a range of mortgage products.

  • Personal Touch adds Freedom Lending to Panel

    13 Jun 2005

    Personal Touch, has added Freedom Lending to its panel of lenders.

  • Pink and BMS scrap sub-prime ERCs

    13 Jun 2005

    Pink Home Loans has teamed up with BM Solutions to campaign against early repayment charges for sub-prime cases.It has scrapped early repayment charges for four of its exclusive BMS products in its buy-to-let, self-cert and sub-prime ranges, and says since doing this it has attracted new business.Though Pink says it is not unusual to see self-cert products without early repayment charges, it is unusual to see sub-prime deals priced without penalties for early payment.David ...

  • Pink and MS launch 2005 Service Awards

    13 Jun 2005

    Pink Home Loans inassociation withMortgage Strategy has launched the 2005Service Awards.Now in their third year, the awards will once again be held at the Botanical Gardens in Birmingham, this year on September 22.The awards are now firmly established in the industry calendar as the Oscars of outstanding mortgage service.As a key indicator of those providing exceptional service in the mortgage intermediary market the awards recognise brokers and lenders across various ...

  • Pink in branded range promotion

    13 Jun 2005

    Pink Home Loans has launched a summer sale across its branded product range.The sale runs until the end of August and includes a mixture of client cashbacks and enhanced proc fees on self-cert, buy-to-let and sub-prime products.The latest promotion follows the fees-assisted campaign Pink ran in the spring.Lenders funding the ranges featuring the enhancements include First National, GMAC-RFC, Mortgages PLC and Platform.David Copland, marketing director of Pink Home Loans, ...

  • Platform HR appointment

    13 Jun 2005

    Platform has appointed Peter Egner as human resources director.He joins from TUI, the travel group, where he spent five years in a variety of HR roles. He will lead a team of seven.

  • Preferred to launch stepped discount deal

    13 Jun 2005

    Preferred is launching a three-year stepped discount this Friday.The discount will be available across a range of adverse from extra light to unlimited, and will have no early repayment charge after three years, subject to one month's written notice. Features include discounts of 1.50% until September 9 2006, 0.75% until September 9 2007 and 0.25% until September 9 2008. The deal is available up to 85% LTV on purchase, remortgage, verified and self-cert products.

  • Prices fell by 0.6% last month

    13 Jun 2005

    The latest Halifax House Price Index shows house prices fell by 0.6% in May, with the average house price now 162,411.However, Halifax says low interest rates continue to underpin the health of the household sector's finances and support the housing market.As a result, Halifax expects only a modest decline of 2% in house prices this year.Tim Crawford, group economist at Halifax, says: "Prices fell by 0.6% in May and the picture for 2005 is of a flat market. So far this year, ...

  • Property show reveals remortgaging still popular

    15 Jun 2005

    Over three quarters of property investors are considering remortgaging this year, seeking to take advantage of low rates and competitive lending deals, according to research by the Property Investor and Homebuyer Show North. This figure has risen consistently over the last three years, showing a 25% increase in the number of people considering remortgaging since 2002.

  • Rates Ladders

    13 Jun 2005

    As a rule, I am an advocate of the integrity of the banking profession. I nearly always consider the periodic reporting of apparent customer injustice which so enthuses our red-tops to be more in the cause of newspaper sales than in the interests of investigative journalism.

  • Richard Coulson faces High Court showdown with Zurich

    13 Jun 2005

    Richard Coulson will face former employer Zurich at the High Court of Justice in London this Wednesday.The legal battle will see Coulson, former Zurich Mortgage Network director, dispute allegations that he was still in Zurich's employment when he started promoting his network, Home of Choice, which will launch on July 1.Coulson, who has the backing of the Home of Choice board, Keith Baldwin and Gerry O'Brien - both former Zurich workers - says Zurich has tried to gag him to ...

  • RICS provide online rebuilding calculator

    17 Jun 2005

    RICS has revealed an online system for calculating re-building costs on your home.

  • Rooftop axes Higher Lending Charge

    13 Jun 2005

    Rooftop is removing the higher lending charge across its entire product range with effect from June 20.

  • Seamans big drive for charity

    14 Jun 2005

    Em-Financial is pleased to announce that the charity golf day in association with GMAC-RFC, that took place on June 2nd at the prestigious Buckinghamshire Golf Club, was a massive success.

  • Securitisation benefits sub-prime

    13 Jun 2005

    Since the mid-1990s, securitisation has played a key role in the development of innovative products in the sub-prime sector in this country - and it's here to stay, says George Patellis

  • Senior management changes at Legal & General

    17 Jun 2005

    Jane Dale has been appointed to managing director of Legal & Generals general insurance operations from July 1 2005.

  • SIPPS will not be tax drain, says Primarolo

    13 Jun 2005

    The government has rebuffed claims that adding residential buy-to-let to pensions will lead to a loss in tax revenue, saying there will be no change to the planned extension of Self Invested Pension Plans.In a parliamentary debate last week, MPs questioned paymaster general Dawn Primarolo on whether the government had come up with its own figures as to what the loss of tax income would be from extending SIPPs to include residential property. Standard Life recently suggested the ...

  • SmartNewHomes says housing market on the up

    13 Jun 2005

    The housing market has reached the turning point of its current slowdown figures released by SmartNewHomes.com has revealed.

  • SPML and Exclusive Connections host workshops

    15 Jun 2005

    Exclusive Connections and SPML are running a series of one day workshops nationwide.

  • Square Mile to advise TMC clients

    13 Jun 2005

    Square Mile is to provide residential mortgage advice to clients of buy-to-let specialist The Money Centre.Andy Wilgoss, managing director of Square Mile, says he hopes that both firms will benefit from the arrangement.He says: "TMC has 100 consultants and a quality database of landlords built up over several years."We are confident of being able secure substantial amounts of residential finance, which should add around 15% to our bottom line whilst providing valuable extra ...

  • Stamp Duty thresholds threaten housing market recovery

    16 Jun 2005

    The slowing property market will continue unless stamp duty barriers are radically revised, warns mortgage broker My Mortgage Direct. A major barrier to recovery in the property market is the 3% stamp duty tax applied to mortgages in the 250,000 - 500,000 bracket, according to My Mortgage Direct. Cath Hearnden, joint director at my mortgage direct, says: "Evidence suggests that the recent increase of the lowest stamp duty threshold to 120,000 has made negligible difference ...

  • Standard Life Bank joins up with the MTE

    13 Jun 2005

    Standard Life Bank, has announced it is to become the Mortgage Trading Exchange's latest lender partner.

  • Success will hit rivals, says BMS

    13 Jun 2005

    BM Solutions says a 35% rise in its sub-prime applications will lead to tough times for rival firms.Michael Bolton, managing director of BMS, says: "Since launching our sub-prime range, which includes the extra light and near-prime categories, applications are up by 35%."The fact we're taking this business means our competitors will be hurting. It will also be a factor in accelerating consolidation among the small to mid-sized players maybe sooner than the 12 months we've been ...

  • Sunday Group sets out on the acquisition trail

    13 Jun 2005

    Advice firm The Sunday Group is looking to acquire firms to expand its operation.It is looking at businesses involved in any of its current distribution areas. These include Sunday Independent Financial Advisors, Sunday Mortgage Centre, Sunday Corporate Services, Sunday Training and Development, and Sunday Financial Advice, its multi tied operation,Dermod Atkinson, managing director at Sunday Group, says: "Our model has been focussed on organic growth but we have now passed ...

  • Tax man cracks down on Wimbledon

    14 Jun 2005

    The taxman is clamping down on Wimbledon residents who are avoiding tax from letting their homes out to tennis stars and spectators.

  • The Hanley awarded Community Mark standard

    17 Jun 2005

    The Hanley has become the first business in Staffordshire to be awarded the national Community Mark standard.

  • The hype about green mortgages

    13 Jun 2005

    If ever there was a niche in the mortgage market it has to be green mortgages.

  • The Money Centre processes 100m in May

    15 Jun 2005

    The Money Centre processed over 100m of mortgage applications in May - the third consecutive month it has done so.

  • The Mortgage Mole

    13 Jun 2005

    ROAR FEAR It could only happen in the Midlands and it could only happen to Mark Howell. Pink's erudite marketing manager brought his family perilously close to death last month after his car broke down in the lion enclosure at West Midlands Safari Park. "It was a little scary," Howell confessed to Mole. "There was smoke everywhere and I was doing my Captain Mainwaring impression, telling the family to stay calm. We escaped unscathed, but pink-faced."Indeed, it could have ...

  • There are too many errors in lenders' final offer documents

    13 Jun 2005

    From Christopher Nicholson Since October 2004 lenders must be losing millions by having to redo formal offers what with staff time, printing costs and postage. Worse, it costs us brokers time and money, which affects our service. Top errors so far are:1) Wrong mortgage club mentioned in Section 132) No broker fee mentioned in Section 83) Incorrect proc fee in Section 134) Different end date of chosen for product in Section 4 Our applications state the correct information so ...

  • UK puts the brakes on debt, says IFA Promotion

    14 Jun 2005

    The UK has put the brakes on debt, figures from IFA Promotion reveals.

  • UKs young need to work into their 70s say the Pru

    14 Jun 2005

    Research from Prudential reveals that the average 30 year old may have to carry on working until they are 74 unless current savings levels are dramatically increased.

  • Whitehead joins Client Data Systems as MD

    16 Jun 2005

    John Whitehead has been appointed chairman and managing director of Client Data Systems, creators of The Key software for mortgage specialists.

  • Whole loan sales poised to grow

    13 Jun 2005

    The whole loan sales market is poised to grow, offering lenders an attractive alternative to securitisation.A report published last week by Standard & Poor's Ratings Services says the European whole loans sales market is set for significant growth, following in the footsteps of the US experience.In a whole loan sale an originator sells a pool of loans directly to another institution rather than securitising the mortgages by issuing residential mortgage backed securities.Last ...

  • Woolwich launches low priced fixed rate products

    14 Jun 2005

    The Woolwich has launched a suite of lower priced fixed rate products.These include a three-year fixed rate with 500 cashback at 4.89%, a two-year fixed rate at 4.79%, a three-year fixed rate 4.79%, a five-year fixed rate at 4.89% and a 10-year fixed rate at 4.99%. All have a maximum LTV of 95%.The range also includes a switch and save two-year fixed rate at 4.79% and five-year fixed rate at 4.89%, maximum LTV 95%.

  • YBS launches credit card to help pay off your mortgage

    16 Jun 2005

    The Yorkshire has launched a new credit card with a cashback feature which credits the mortgages of all new borrowers.

  • Yorkshire launches credit card to help borrowers pay their mortgage

    14 Jun 2005

    Yorkshire is launching a credit card with a cashback feature which credits the mortgages of all new borrowers.

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